Healthcare Costs in Retirement
According to a HealthView Services study, a healthy couple (male living to age 87 and female, age 89), can expect their lifetime health care expenses to add up to around $606,337.1 Being aware of potential health care costs during retirement may allow you to understand what you can pay for and what you can’t.2
A retired household faces three general types of health care expenses.
- The premiums for Medicare Part B (which covers physician and outpatient services) and Part D (which covers drug-related expenses). Typically, Part B and Part D are taken out of a person’s Social Security check before it is mailed, so the premium cost is often overlooked by retirement-minded individuals.
- Co-payments related to Medicare-covered services that are not paid by Medicare Supplement Insurance plans (also known as “Medigap”) or other health insurance.
- Costs associated with dental care, eyeglasses and hearing aids – which are typically not covered by Medicare or other insurance programs.
Without a solid approach, health care expenses may add up quickly and alter your retirement spending.